Agricultural News
NCGA President Speaks To Corn Supply Issues
Thu, 04 Nov 2010 16:57:40 CDTNational Corn Growers Association President Bart Schott, says there are several reasons why we don’t need to worry about ethanol driving up corn and food prices. First of all, the 2010 average yield and overall corn crop would be the third highest on record, according to government estimates. Bart says the final production figures could go up. Much of what had been harvested by the October USDA report was in the areas most adversely impacted by summer weather.
First of all, the corn harvest is not yet over and the 2010 production estimate could very well increase by the time of the next USDA report, which comes out November 9. South America is expected to respond to the lower U.S. production with a corn crop to be harvested next spring. And when it comes to the “food versus fuel” debate, Schott says - frankly, we are even seeing some backtracking – here.
The NCGA President also says - let’s not forget two things in this whole debate. Farm products account for only a fraction of the retail food price you see at the supermarket or restaurant – less than 20 cents on the dollar. And corn, whether it’s two, three, four or five dollars a bushel is still an incredibly inexpensive and versatile food ingredient.
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